New York Spot Silver $30 Today 12-06-2010

Looks like silver is up in Asian trading. I'm thinking it will hit $30 when the NY opens up in the morning. Anyone else want to chime in on this one.

 

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Monday will probably be down day

 

I am not in it so much day to day, but I am looking at the possibility of 100$ silver, before it backs off to 25 or so, depending on how much inflation the powers that are decide to push into the economy.

 

It will probably hit the mark and then retreat with profit taking. Holiday time ........

 

Agreed +1

 

Resistance at $30

 

I believe that by the end of the year it will hold steady around $30-$35 but im hoping it will drop to $15 so i can scoop up all the morgan dollars i can before it goes back up! But probably wont happen any time soon.

 

I have a question about silver prices. If silver is, say $ 30 an ounce, does that mean someone will pay you that much for your silver coins? Or only a certain percent (allowing for dealer profit)?

 

If you sell to a dealer, they need plenty of room to make profit. If you sell on ebay or to a person directly, you can expect to get melt value +/- 5%. Coinflation.com has the values of the coins.

 

I think it depends on what kind of silver coins you're selling. If it's ASE's you're gonna get a better offer. You might even get an offer above "spot" as these guys are thinkin' silver prices might "sky" in the near future. Junk stuff? Less of an offer.....

 

If i'm buying "junk" silver i usally try to buy at or around spot minus 10% if im selling junk silver i usally sell for the same spot minus 10%. If im buying "junk silver" i usally buy it in the form of morgan dollars.

 

Nice website, gbroke! Thanks!
Steve

 

It will break $30 , if the DX ( Dollar index) goes and stays under 79.41 ( currently 79.45), IMO.

 

Sure, why not with the thin liquidy. Will it close above $30? I doubt it.

 

So far, the silver high for today is $29.96 but it has backed off that high and it is currently at $29.56.

 

The spot price and/or futures (Comex) price is for 5000 ounces. For gold it's 100 ounces. It's not the price for the amount of PM found in single coins. Buyers for less than this amount can usually expect to pay a premium over this amount. The smaller the amount, the larger (percentage wise) the premium.

Take a 100 ounce gold bar and split it into 100 gold eagles (or any coin). There is the production cost to create the blanks, ship them to the mint, the coining process, cost to ship them to dealers, selling costs, and profits for all in between. This is offset, somewhat, of course, by the fact the market of able buyers for a 1 ounce coin is a lot larger than one for say 100 or 5000 ounces. However the generally quoted prices that you see is for the large bars and anything else smaller has these issues to add/subtract from the pricing.

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The $30 silver barrier will be breached if Comex buyers can continue to overcome the massive shorts being placed onto this exchange. Some say there isn't enough silver to cover all this paper.

All I can say is that I ordered some silver quarter proof sets from the US Mint a few weeks ago. They have acknowledged the order, said the coins are reserved and in stock, but I have no coins and no idea when they will be shipped. Usually the Mint either ships or cancels the order.

 

I know this horse has been beaten to death, stood back up, and beaten a few more times. :dead-horse: I have 20 unc 90% Kennedy halfs and a roll of silver rosys to unload. If it goes to 30 they are gone I THINK. I just don't know, I do know it's makin me crazy! :headbang: I have NEVER sold any of my collection before what can I expect from a dealer? 10x face, 15x, 18x? I have no clue

 

i am bullish on silver ... who cares what it does on 1 single day?
i say a gold star to anyone that is riding this wave.

technical analysis says silver is heading to $32 an ounce on this run before pulling back

 

Just wondering where you got this information?

 

technical analysis is chart reading technique ... a lot of stock analysts use it ...

does it work 100% of the time?
definately NOT

but it does provide a good guide (a good 1st guess) for predicting future prices

consider this 5 year price chart of silver

notice the peak price of $21 in 2007
and the low of $9 in 2008





Technical analysis theory says that when silver breaks above the old high (of $21)
that it will go as far above $21 as it fell below $21 in the previous pull back

The delta of the previous pullback is ... $21 - $9 = $12

So the next high in silver will be the old high ($21) + the delta of the previous pullback ($12) = $33

So the price target of silver in this bull run is $33 (sorry I think i said $32) ... So lets say between $32 and $33

I actually took a class in technical analysis back in 1999 and have used in in the stock market for 11 years.
i can say it does provide some good guides, but is not foolproof.

It's just another tool!